Paying off lease faster?

I currently have 2 leased cars at 311/month and 428/month. Would there be any advantage for me if I paidd more each month to pay them off faster? Would I pay less interest? I'm not really that knowledgable about car loans (these are my wife and I's first cars!). Next time I will probably purchase our cars since I've heard that is better. Thanks for any advice, really appreciate it!

Re: Paying off lease faster?

I currently have 2 leased cars at 311/month and 428/month. Would there be any advantage for me if I paidd more each month to pay them off faster? Would I pay less interest? I'm not really that knowledgable about car loans (these are my wife and I's first cars!). Next time I will probably purchase our cars since I've heard that is better. Thanks for any advice, really appreciate it!

Re: Paying off lease faster?

I currently have 2 leased cars at 311/month and 428/month. Would there be any advantage for me if I paidd more each month to pay them off faster? Would I pay less interest? I'm not really that knowledgable about car loans (these are my wife and I's first cars!). Next time I will probably purchase our cars since I've heard that is better. Thanks for any advice, really appreciate it!

Re: Paying off lease faster?

Leases aren't loans. They are rental agreements. So there is nothing to "save." The only savings could be tax savings by pulling payments into a different tax year for business expense tax deductions. A viable strategy if you have some large bonsuses that will be paid prior to eoy.

In fact if interest rates were higher, a better strategy would be to pay them "late" up to the penalty date and earn interest on the payment amount since the payment is not affected by timing or principal balances.

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